Self Certification Mortgages
While this type of mortgage can be advantageous to borrowers whose income comes from multiple sources, Self certification mortgages have two distinct disadvantages:
- The interest rates charged are usually much higher than for normal mortgages
- The loan to value ratio is lower.
There are different rates that are offered for different mortgage deals in the UK this is no different when it comes to "Self Cert Mortgages", this is dependant on factors concerning your self. The rates of self certification mortgages are also influenced by the current interest rates. Obviously the higher the interest rates the higher the monthly repayments are going to be. If you have adverse credit the common practice is that the rate that you will attain means your mortgage repayments will be higher than a conventional mortgage repayment. People with poor credit are often categorised as high risk customers and as a result are charged higher rates even when it comes to self cert.
Using salaries declared on wage slips is the way mortgage lenders work out a borrower's annual income and will in most cases lend a fixed multiple of the borrower's annual income. Self-certification mortgages,are available to employed and self employed people who have a deposit to buy a house but lack three years of accounts to prove their income.
So if you are looking for low rate on a self certification rate mortgage then shop around
Self Cert Mortgages
What is Self Cert? | Who Qualifies for self cert | self-employed | Non-status | Self Certifying a mortgage | Self Cert Rates
Problem Mortgages
Adverse Credit Mortgages